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Rhode Island recorded 130 condominium units sold in June, up from 91 in May.  Also the average sale price was $46,000.00 more in June than in May.

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You bet.  Right here in Little Rhody, Bristol can lay claim to holding the oldest continually running Fourth of July celebration.   And Bristol takes this honor very seriously.  Veteran’s groups from all military branches, as well as numerous fire and police departments will be represented.  The parade will also feature dozens of floats and 27 marching bands.

Special guests for this year include two official Marvel Comics characters, Spider-Man and Wolverine as well as Red Sox mascot Wally the Green Monster.

Every detail is in order.  Town Crier Gerry MacNeill is set to kick start the parade as he has for more than 20 years.   The red, white and blue stripes that run down the center of Hope Street will be repainted as they are each year.

The town’s celebration started as a patriotic exercise in 1785 and that tradition has continued every year since.

The parade attracts an estimated 100,000 people and costs close to $100,000 to stage.

I can say from experience to bring something comfortable to sit on and plan to spend a day entertained like no other.

It also wouldn’t hurt to make friends with someone who lives on Main.  Lawn seats and preferred parking are a premium!

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As recorded by Freddie Mac, since 2006, 30-year fixed-rate conforming mortgage rate have made a habit of rising in May, June, July and August before settling down through football season.  This year, the “June Swoon” looks especially strong.  Mortgage rates are higher by 3/4 percent versus late-May and we’re only at the start of the summer trend.

The biggest reason why mortgage rates are up is because of inflation fears.  Inflation devalues the U.S. dollar and renders fixed-rate investments — a set that includes mortgage-backed bonds — become less attractive to investors. When the dollar is worth less, bond repayments are worth less, too.   This is why traders don’t like holding mortgage bonds in their portfolios when inflation looms — it can be a real money-loser.  So, mortgage bonds tend to sell-off when inflation is coming which, in turn, causes mortgage-backed bond prices to fall.

Bottom line for cocktail party conversation: Lower bond prices yields higher mortgage rates.

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Providence lawyer Robert Natal, who is being investigated for mishandling clients’ money has voluntarily agreed to be disbarred.

The high court in December indefinitely suspended Robert D. Natal’s license to practice law. There is approximately $710,000.00 in missing money, according to the court’s disciplinary counsel.   The first domino fell from a bounced real estate proceeds check.  The check, in the amount of $286,076.00 not only bounced, but the escrow account was overdrawn by almost $94,000.00.

Eventually Mr. Natal paid off this debt and others by not paying off three other mortgages that had closed through his office.  Authorities say Natal had taken the $710,000.00 for his personal use.

Nice way to end a 22 year career.

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Rates for 30-year home loans fell back this week after soaring to the highest level in seven months a week earlier.  The average rate for a 30-year fixed mortgage was 5.38 percent this week, down from 5.59 percent a week earlier.

Rates had risen for three consecutive weeks after yields on long-term government debt, which are closely tied to mortgages rates, had been climbing as investors worried that the huge surplus of government debt hitting the market could trigger inflation.

But data released Wednesday suggested that inflation remains largely in check.  Though there are signs that the troubled U.S. housing market is beginning to stabilize, higher rates could threaten or slow down any recovery, since borrowers would be able to borrow less money and might decide to hold off on their purchases.

Simply put, buyers have a certain amount of money they can afford to spend.  If interest rates shoot up, then house prices will have to fall to make up the difference.  The three-week run-up in rates started to slow home buyer demand.

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Barrington police have arrested an East Providence woman they say was stealing prescription drugs and jewelry from real estate open houses she attended.  Police have been looking for someone stealing items at open houses for months, but finally caught up to a suspect last weekend.

Police say 50-year-old Linda Grablink was arrested after a real estate agent confronted her with a bottle of pills in her hand at a home for sale.

Sgt. Josh Birrell says police went to Grablink’s home where they found maps of the area as well as lists of open houses.  Grablink is charged with three counts of larceny under $500 and one count of larceny over $500.

During open houses, it is imperative to put not only jewelry and money in a safe place, but prescription drugs as well.  Do not put them in a dresser drawer!  Use a place that is creative or simply take items with you for the time you are out of the house.

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